Tibco Software to buy back $300 million shares

Business software maker Tibco Software Inc. said Monday it plans to buy back up to $300 million of its common stock.

The Palo Alto, Calif., company said the board-approved share repurchasing program will replace the company's previous $300 million program, which had about $27 million remaining. Tibco said it will buy shares on the open market or in privately negotiated transactions.

The company currently has about 166.1 million common shares outstanding.

Shares rose 20 cents to $11.58 in morning trading. At current prices the company could buy back about 25.9 million shares.